TCRAP_Public/100311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, March 11, 2010, Vol. 13, No. 049

                            Headlines



A U S T R A L I A

BILL EXPRESS: Liquidator to Seek Former Director's Arrest
PARAGON PRINTING: In Administration, Hall Chadwick Appointed


C H I N A

ROYAL BANK: Seeks Securities License in China, FT Says
SHANGHAI PUDONG: China Mobile Agrees to Buy 20% Stake in Bank


H O N G  K O N G

ACCESSORY PARTNERS: Court Enters Wind-Up Order
AMPLE INTERNATIONAL: Court Enters Wind-Up Order
BEST CONSULTANTS: Horace and Simone Appointed as Liquidators
BILLION TEAM: Court Enters Wind-Up Order
BRIGHT WIN: Court Enters Wind-Up Order

BOWER BRIGHT: Court Enters Wind-Up Order
CAMPION INTERNATIONAL: Court to Hear Wind-Up Petition on March 31
CENTURY INVESTMENTS: Creditors' Proofs of Debt Due March 19
CFC DEVELOPMENT: Creditors Get 2.78% Recovery on Claims
GLOBAL SYNERGY: Court to Hear Wind-Up Petition on March 17

HI-SPEED PAPER: Contributories and Creditors to Meet on March 16
ORIND FAR EAST: Court to Hear Wind-Up Petition on March 17
ORIND INTERNATIONAL: Court to Hear Wind-Up Petition on March 17
PROGOAL LIMITED: Contributories and Creditors to Meet on March 16
ROBLEEN LIMITED: Lai and Haughey Step Down as Liquidators

SEVEN SHARDS: Members' Final General Meeting Set for April 9
SHORTRIDGE LIMITED: Tang and Ying Step Down as Liquidators
SMART ASIA: Creditors' Proofs of Debt Due April 5
STARBAY INTERNATIONAL: First Meetings Slated for March 16
STARLIKE LIMITED: Members' Final General Meeting Set for April 8

STUDIO SVS: Members' and Creditors Meetings Set for April 8
SUN KEE: Creditors' Proofs of Debt Due April 30
SUN MOTOR: Lai and Haughey Appointed as Liquidators
SUN MOTOR MANUFACTORY: Lai and Haughey Appointed as Liquidators
SUN MOTOR OEM: Lai and Haughey Appointed as Liquidators

SUN MOTOR PRECISION: Lai and Haughey Appointed as Liquidators
ULTIMATE QUEST: Members' Final General Meeting Set for April 7
VIVARINI LIMITED: Chung and Toohey Step Down as Liquidators
WEDISDALE COMPANY: Creditors' Proofs of Debt Due April 7
WOOLWORTHS INT'L: Members' and Creditors Meetings Set for April 20

WORLD UNIVERSAL: Members' and Creditors Meetings Set for April 12
YEE TAT: Danvil Chan Kin Hang Appointed as New Liquidator
YAT WO: Creditors' Proofs of Debt Due April 7
YUEN HUNG: Tsang Yiu Wing Steps Down as Liquidator


I N D I A

AMBUTHIRTHA POWER: ICRA Places 'LBB+' on INR556.1MM LT Debts
BABY MEMORIAL: CRISIL Cuts Rating on INRs600MM LT Loan to 'B'
BHARAT MOTORS: ICRA Assigns 'LBB+' Rating on INR188.4MM Loans
CHAMANLAL SETIA: CRISIL Reaffirms 'BB+' Rating on INR40MM Loan
DIAGOLD DESIGNS: Fitch Cuts National Long-Term Rating to 'BB-'

IDT CLOTHING: ICRA Rates INR15MM Long Term Loans at 'LBB+'
INDIA TV: CARE Assigns 'BB+' Rating on INR24cr LT Bank Facilities
JINDAL TEXOFAB: ICRA Assigns 'LBB' Rating on INR127.5MM Loans
OM SHIV: Fitch Puts 'B' National Rating on Negative Watch
PRIYADARSHINI SAHAKARI: CARE Assigns 'BB' Rating on INR50cr Loans

PUNJAB NATIONAL: Fitch Affirms Individual Rating at 'C/D'
SOHAM MANNAPITLU: ICRA Assigns 'LB+' Rating on INR544MM Loans


I N D O N E S I A

BANK MANDIRI: May Still Launch Rights Issue This Year
BANK NEGARA: May Still Launch Rights Issue This Year
GARUDA INDONESIA: Expects to Earn IDR2 Tril. From Corporate Sales


J A P A N

FIDEA HOLDINGS: Requests For JPY10-Bln. Government Financial Aid
JLOC XXX: Moody's Reviews Ratings on Various Certificates
MIYAZAKI TAIYO: Asks For JPY10-Bln. Government Financial Aid
* S&P Puts Ratings on 15 Tranches From Nine Japanese CDO Deals


K O R E A

GENERAL MOTORS: GM Daewoo Eyes Profit in 2010
HYNIX SEMICON: Credit Suisse, Nomura to Arrange Sale of Stake
KUMHO ASIANA: Kumho Tire Workers Vote For Strike Over Layoffs
KUMHO ASIANA: Daewoo Investors Agree on Debt Restructuring Plan
SSANGYONG MOTOR: Asks KRW100-Bln in Loans from KDB


M A L A Y S I A

FOUNTAIN VIEW: Incurs MYR257.49 Mil. Net Loss in Qtr Ended Dec. 31


N E W  Z E A L A N D

PLUS SMS: Fined NZ$50,000 for Breaching NZAX Listing Rules


P H I L I P P I N E S

LEGACY GROUP: PDIC Denies PHP204-Mil. Claims From Depositors


S I N G A P O R E

ACS INNOVATIONS: Creditors' Proofs of Debt Due March 22
ALLANDES CORPORATION: Creditors Get 40% Recovery on Claims
BKB ENGINEERING: Creditors Get 8.31% Recovery on Claims
ORIENT TELECOMMUNICATIONS: First Meeting Set for March 15




                         - - - - -


=================
A U S T R A L I A
=================


BILL EXPRESS: Liquidator to Seek Former Director's Arrest
---------------------------------------------------------
The liquidator of Bill Express Ltd. will seek an arrest warrant
for former director Julian Little if he refuses to leave Dubai to
appear at a public hearing into the AU$250 million collapse of the
company, The Sydney Morning Herald reports.

The Supreme Court in Melbourne heard Tuesday that Mr. Little "is
showing some reluctance to return to Melbourne" to provide sworn
testimony about the demise of the company, the Herald relates.

The report says public examination of directors and staff of Bill
Express began in Melbourne on Tuesday, as liquidator PPB tries to
discover where an estimated AU$250 million disappeared to.

According to the report, PPB is also trying to locate AU$12.5
million transferred out of Bill Express to its sister company, TBS
Group, in the six months before it collapsed.

The Herald relates that the liquidator is also chasing tens of
millions of dollars of "loans" that were issued to companies in
Singapore and Dubai, where Mr. Little has business interests.

The court heard the company engaged in "fraudulent" accounting and
an elaborate "money-go-round" into which tens of millions of
dollars have disappeared, the report says.

                        About Bill Express

Bill Express Ltd. (ASX:BXP) -- http://www.billexpressltd.com/--
was engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processed
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company had an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AU$180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.

The company then initiated talks with its financiers and major
suppliers, whom it has standstill agreements until Aug. 22,
2008.  The suppliers and financiers indicated that they are not
willing to continue the standstill arrangements or otherwise
support the company's continued trading.


PARAGON PRINTING: In Administration, Hall Chadwick Appointed
-----------------------------------------------------------
Sydney-based accountants Hall Chadwick have been appointed as
administrators for Paragon Printing Ltd., as well as the office
supplies wholesaler, MMMM Office 69, The Border Mail reports.

According to the report, Leigh Diehm of the Australian
Manufacturing Workers Union said the appointment of an
administrator had left the 145 employees of Paragon Printing, and
12 workers at MMMM Office 69, fearing for their jobs.

Border Mail relates administrator Hall Chadwick said in a
statement that the objective of an administration was to either
maximize the chances of the company continuing to exist or if that
was not possible, wind up operations to provide a better return
for creditors and members.

"Hall Chadwick partners Richard Albarran, Blair Pleash and David
Ross are continuing to trade the businesses of the companies at
this stage with a view to maximizing the chances of the companies
continuing in existence," Hall Chadwick said in the statement.

Hall Chadwick has been appointed as administrators of Paragon
Printing Limited, M10 Group Pty Limited, RRR Don 6 Pty Limited
(formerly RRD Pty Limited), KKKESEF Manger 88 Limited (formerly
Kesef Management Limited and MBSA Limited), RRR Don 96 Pty Limited
(formerly RR Donnelley Pty Limited), NXA Pty Limited and MMMM
Office 69 Pty Limited (formerly Moore Office Pty Limited).

KKKESEF Manger 88 provides internal management support to Paragon
Printing and MMMM Office 69 while the other entities do not trade,
the administrators said.

More information about the companies is expected to be detailed at
a meeting of creditors to be held in Albury on March 16.


=========
C H I N A
=========


ROYAL BANK: Seeks Securities License in China, FT Says
------------------------------------------------------
The Financial Times reports that Royal Bank of Scotland Plc is
seeking a securities license in China as part of plans to
refashion its mainland business.

The bank has signed a securities joint venture deal with a local
partner and applied to Beijing for regulatory approval, the FT
says citing people familiar with the matter.

The FT relates that the move comes as European regulators are
forcing the bank to sell coveted assets.

John McCormick, RBS Asia Pacific chief executive, told the
Financial Times that the bank was working on several fronts to
expand its China platform.

"We have many 'acorns' planted in China and I am confident these
will grow steadily in the coming years," Mr. McCormick said,
according to the FT.

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.


SHANGHAI PUDONG: China Mobile Agrees to Buy 20% Stake in Bank
-------------------------------------------------------------
Bloomberg News reports that Shanghai Pudong Development Bank Co.
said its shares will resume trading in Shanghai today, March 11,
after China Mobile Ltd. agreed to buy a 20% stake in the lender
for CNY39.8 billion (US$5.8 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
March 2, 2010, Reuters said Shanghai Pudong Development Bank will
raise about CNY40 billion by selling a roughly 20% strategic stake
to China Mobile.

Reuters, citing a report from Guotai Junan Securities, said Pudong
Bank, part-owned by Citigroup Inc., would sell about 2.2 billion
shares to China Mobile at no less than CNY17.82 each.

"The cooperation would help boost Pudong Bank's profitability and
is beneficial to the lender," Reuters cited Guotai Junan analyst
Wu Yonggang as saying in the report dated Feb. 25.

According to Reuters, Wu expects the fundraising to increase
Pudong Bank's core capital adequacy ratio by about four percentage
points to above 10%, while boosting its capital adequacy ratio to
nearly 14%.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                           *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


================
H O N G  K O N G
================


ACCESSORY PARTNERS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on July 19, 2008, to
wind up the operations of Accessory Partners (HK) Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


AMPLE INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 9, 2009, to
wind up the operations of Ample International World Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


BEST CONSULTANTS: Horace and Simone Appointed as Liquidators
------------------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on March 20, 2010, were
appointed as liquidators of Best Consultants Limited.


BILLION TEAM: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of Billion Team Limited.

The company's liquidator is Pui Chiu Wing.


BRIGHT WIN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on October 30, 2009,
to wind up the operations of Bright Win Development Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


BOWER BRIGHT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on November 4, 2009,
to wind up the operations of Bower Bright Paper Product Factory
Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


CAMPION INTERNATIONAL: Court to Hear Wind-Up Petition on March 31
-----------------------------------------------------------------
A petition to wind up the operations of Campion International
Development Limited will be heard before the High Court of Hong
Kong on March 31, 2010, at 9:30 a.m.

IBM China/Hong Kong Limited filed the petition against the company
on January 27, 2010.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          Chater Road, Central
          Hong Kong


CENTURY INVESTMENTS: Creditors' Proofs of Debt Due March 19
-----------------------------------------------------------
Creditors of Century Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 19, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Stephen Liu Yiu Keung
          Robert Armor Morris
          62/F, One Island East
          18 Westlands Road
          Island East, Hong Kong


CFC DEVELOPMENT: Creditors Get 2.78% Recovery on Claims
-------------------------------------------------------
CFC Development (Hong Kong) Company Limited, which is in
liquidation, will pay the first and final ordinary dividend to its
creditors on April 9, 2010.

The company will pay 2.78% for ordinary claims.

The company's liquidator is:

          Lau Wau Kwai King Lauren
          c/o KLC Kennic Lui & Co.
          5/F, Ho Lee Commercial Building
          38-44 D' Aguilar Street
          Central, Hong Kong


GLOBAL SYNERGY: Court to Hear Wind-Up Petition on March 17
----------------------------------------------------------
A petition to wind up the operations of Global Synergy Limited
will be heard before the High Court of Hong Kong on March 17,
2010, at 9:30 a.m.

Deacons filed the petition against the company on January 5, 2010.

The Petitioner's solicitor is:

          Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


HI-SPEED PAPER: Contributories and Creditors to Meet on March 16
----------------------------------------------------------------
Contributories and creditors of Hi-Speed Paper Manufacturer
Company Limited will hold their first meetings on March 16, 2010,
at 9:30 a.m., and 11:00 a.m., respectively.

Place of meetings:

  Contributories - John Lees Associates
                   20/F, Henley Building
                   5 Queen's Road Central
                   Hong Kong

  Creditors      - Room 203
                   Duke of Windsor Social Service Building
                   No. 15 Hennessy Road
                   Wanchai, Hong Kong

At the meeting, Mat Ng, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


ORIND FAR EAST: Court to Hear Wind-Up Petition on March 17
----------------------------------------------------------
A petition to wind up the operations of Orind Far East Limited
will be heard before the High Court of Hong Kong on March 17,
2010, at 9:30 a.m.

Deacons filed the petition against the company on December 30,
2009.

The Petitioner's solicitor is:

          Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


ORIND INTERNATIONAL: Court to Hear Wind-Up Petition on March 17
---------------------------------------------------------------
A petition to wind up the operations of Orind International
Limited will be heard before the High Court of Hong Kong on
March 17, 2010, at 9:30 a.m.

Deacons filed the petition against the company on December 30,
2009.

The Petitioner's solicitor is:

          Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


PROGOAL LIMITED: Contributories and Creditors to Meet on March 16
-----------------------------------------------------------------
Creditors and contributories of Progoal Limited will hold their
first meetings on March 16, 2010, at 10:30 a.m., and 11:00 a.m.,
respectively at the official receiver's office, 10th Floor,
Queensway Government offices, 66 Queensway, in Hong Kong.

At the meeting, Lee Mei Yee May, the company's provisional
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


ROBLEEN LIMITED: Lai and Haughey Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Robleen Limited on February 24, 2010.


SEVEN SHARDS: Members' Final General Meeting Set for April 9
------------------------------------------------------------
Members of Seven Shards Productions Limited will hold their final
general meeting on April 9, 2010, at 12:20 p.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SHORTRIDGE LIMITED: Tang and Ying Step Down as Liquidators
---------------------------------------------------------
Alan C W Tang and Alison Wong Lee Fung Ying stepped down as
liquidators of Shortridge Limited on February 23, 2010.


SMART ASIA: Creditors' Proofs of Debt Due April 5
-------------------------------------------------
Smart Asia Trading Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 5, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 2, 2010.

The company's liquidator is:

         Lam Ying Sui
         10/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


STARBAY INTERNATIONAL: First Meetings Slated for March 16
---------------------------------------------------------
Contributories and creditors of Starbay International Limited will
hold their first meetings on March 16, 2010, at 10:30 a.m., and
11:00 a.m., respectively at the 18/F, 1801 Wing On House, 71 Des
Voeux Road, Central, in Hong Kong.

At the meeting, Stephen Briscoe, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


STARLIKE LIMITED: Members' Final General Meeting Set for April 8
----------------------------------------------------------------
Members of Starlike Limited will hold their final general meeting
on April 8, 2010, at 11:00 a.m., at the Room 803, V Heun Building,
138 Queen's Road Central, in Hong Kong.

At the meeting, Albert Wong Kwok Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


STUDIO SVS: Members' and Creditors Meetings Set for April 8
-----------------------------------------------------------
Members and creditors of Studio SVS Limited will hold their
meetings on April 8, 2010, at 2:00 p.m., and 2:30 p.m.,
respectively at the Suites 2305-2309, Jardine House, 1 Connaught
Place, Central, in Hong Kong.

At the meeting, Wong Ka Lam King, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUN KEE: Creditors' Proofs of Debt Due April 30
-----------------------------------------------
Sun Kee Customer Service Co., Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 30, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 22, 2010.

The company's liquidator is:

         Shek Kwok Choi
         Unit 2, 8/F, Kingsford Industrial Centre
         No. 13 Wang Hoi Road
         Kowloon Bay, Kowloon
         Hong Kong


SUN MOTOR: Lai and Haughey Appointed as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on February 25, 2010,
were appointed as liquidators of Sun Motor Holding Company
Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


SUN MOTOR MANUFACTORY: Lai and Haughey Appointed as Liquidators
---------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on February 25, 2010,
were appointed as liquidators of Sun Motor Manufactory Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


SUN MOTOR OEM: Lai and Haughey Appointed as Liquidators
-------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on February 25, 2010,
were appointed as liquidators of Sun Motor OEM Company Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


SUN MOTOR PRECISION: Lai and Haughey Appointed as Liquidators
-------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on February 25, 2010,
were appointed as liquidators of Sun Motor Precision Products
Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


ULTIMATE QUEST: Members' Final General Meeting Set for April 7
--------------------------------------------------------------
Members of Ultimate Quest Limited will hold their final general
meeting on April 7, 2010, at 10:00 a.m., at the 20/F, Prince's
Building, Central, in Hong Kong.

At the meeting, Jan G. W. Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


VIVARINI LIMITED: Chung and Toohey Step Down as Liquidators
-----------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey stepped down as
liquidators of Vivarini Limited on February 26, 2010.


WEDISDALE COMPANY: Creditors' Proofs of Debt Due April 7
--------------------------------------------------------
Wedisdale Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 7, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


WOOLWORTHS INT'L: Members' and Creditors Meetings Set for April 20
------------------------------------------------------------------
Members and creditors of Woolworths International Limited
(formerly known as Woolworths Group Asia Limited) will hold their
meetings on April 20, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at the Room 704, 3 Lockhart Road, Wanchai, in Hong
Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


WORLD UNIVERSAL: Members' and Creditors Meetings Set for April 12
-----------------------------------------------------------------
Members and creditors of World Universal Investment Limited will
hold their meetings on April 12, 2010, at 11:15 a.m., and 11:30
a.m., respectively at the 27/F, Alexandra House, 18 Chater Road,
Central, in Hong Kong.

At the meeting, Jacky CW Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


YEE TAT: Danvil Chan Kin Hang Appointed as New Liquidator
---------------------------------------------------------
Danvil Chan Kin Hang on February 23, 2010, was appointed as
liquidator of Yee Tat Plumbing Drainage Engineering Company
Limited.

The liquidator may be reached at:

         Danvil Chan Kin Han
         Room 2301, 23/F, Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


YAT WO: Creditors' Proofs of Debt Due April 7
---------------------------------------------
Yat Wo Bleaching & Dyeing Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 7, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 5, 2010.

The company's liquidator is:

         Lee Kwok Hung
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


YUEN HUNG: Tsang Yiu Wing Steps Down as Liquidator
--------------------------------------------------
Tsang Yiu Wing stepped down as liquidator of Yuen Hung Industries
Limited on February 26, 2010.


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I N D I A
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AMBUTHIRTHA POWER: ICRA Places 'LBB+' on INR556.1MM LT Debts
------------------------------------------------------------
ICRA has assigned a rating of 'LBB+' to the INR556.1 million fund
based limits/ long term debt program of Ambuthirtha Power Private
Limited.  ICRA has also assigned a rating of A4+ to the Rs 17.8
million non fund based limits of Ambuthirtha Power Private
Limited.  The outlook is positive.

ICRA's non investment grade rating of APPL factors in hydrological
risks, as APPL is not covered under deemed generation clause in
case of loss of generation due to shortage of water.  Given that
the revenues of the company are linked to actual unit sales, this
exposes the company to risks of variable cash flows arising out of
hydrological risks and also timely payment from the customer
Praxair India Private Limited.

The rating also factors in delays in debt servicing during FY2009
and FY2010, although the company has been timely in making debt
repayments since then.  The rating, however draws comfort from the
fact that the plant is operational and there is a firm and
perpetual off take arrangement with Praxair India (APPL's captive
consumer, being a 26% shareholder in the paid up capital), with
reasonable tariff levels of INR4.17/kwh (base rate for December,
2007), with an escalation factor of 1% per annum over the previous
year tariff.  However, the advantage is partly offset by the fact
that the equity placed by Praxair India has dividend payment
clauses (INR35 million FY2010 onwards), which results in some
financial risks for the company.  The ratings also factor in
limited demand risks due to significant energy deficit in southern
India and satisfactory operations of the company during FY2009 and
FY 2010 ytd.  Further, incremental revenue stream from CERs is an
additional source of comfort.  While assigning the rating, ICRA
has also factored in group risks arising out of being a part of a
group that has sizeable capital expenditure in relation to their
limited current experience.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters, ensure
collection in timely manner and timely repayment of its debt
obligations would thus remain key rating drivers.

                      About Ambuthirtha Power

Ambuthirtha Power Private Limited is an IPP promoted by the Soham
Group.  The company operates a 22 MW small containment run of the
river hydel power plant located near Jog Falls in the Shimoga
district of Karnataka.

Soham Group was promoted in the year 1961 and is currently headed
by Mr. Sadananda Shetty who is the former Chairman & Managing
Director of Vijaya Bank.  With the 22 MW MGHE TRS Scheme having
been commissioned by one of its Subsidiaries (Ambuthirtha Power
(P) Ltd.), followed by the 15 MW SHP through yet another
subsidiary (Mannapitlu Power Private Limited) and 10 other
projects on hand, the main focus of the group is the Renewable
Energy Space in India.

The group has holds a majority stake of 54% in APPL through its
flagship company, Soham Renewable Energy India Pvt. Ltd.  The
other shareholders include Praxair India Private Limited (captive
consumer) and India Clean energy Limited, a Mauritius based
private equity fund, holding a share of 265 and 20%, respectively.


BABY MEMORIAL: CRISIL Cuts Rating on INRs600MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term loan of Baby
Memorial Hospital Ltd to 'B/Stable' from 'B+/Stable'.  The
downgrade reflects the weakening of BMHL's financial risk profile
because of cost overruns following a delay of nine months in its
on-going project of setting up a 300-bed super speciality
hospital; the hospital will be housed in an annexe to the current
hospital building.  The downgrade also reflects CRISIL's
expectation of further stress on BMHL's financial risk profile, as
the company is likely to expend INR290 million more, which were
not planned earlier, because of a change in the project plan.
This additional capex will be largely funded through debt.  The
downgrade also factors in BMHL's aggressive capex plans of INR4.75
billion for setting up more hospitals over the next two years.
CRISIL believes that the financial risk profile of BMHL will be
constrained, over the medium term, if there is no substantial
equity infusion into the company.

   Facilities                          Ratings
   ---------                           -------
   INR600.00 Million Long-Term Loan    B/Stable (Downgraded from
                                                'B+/Stable')

The ratings reflect BMHL's weak financial risk profile marked by
weak debt protection measures, and high gearing, project
implementation risks, and exposure to limitations of single-
location operations.  These weaknesses are partially offset by
BMHL's established position in the Calicut market, and mitigation
of employee attrition risks.

Outlook: Stable

CRISIL believes that BMHL will continue to benefit from its
established market position.  However, the company's financial
risk profile will remain under pressure over the medium, if there
is no fresh large equity infusion into the company.  The outlook
may be revised to 'Positive' if there is substantial equity
infusion into the company, thereby mitigating the funding risk for
its capex and improving its capital structure.  Conversely, the
outlook may be revised to 'Negative' if BMHL faces further time or
cost overruns in its ongoing capex program or undertakes
additional, large debt-funded capex program, leading to
deterioration in its capital structure.

                        About Baby Memorial

Baby Memorial Hospital Ltd, started by Dr. K G Alexander in 1987
as a partnership-firm, is one of the largest hospitals in Calicut.
The partnership-firm was converted into public limited company in
April 2009.  Currently, the hospital has 480 beds. The company is
setting up a 300-bed super speciality unit, expected to commence
commercial operations by June 2010.  BMHL has positioned itself as
a multi-speciality, tertiary care referral hospital, offers
servicing in anaesthesiology and critical care, cardiology,
neurosurgery, oncology, paediatrics, and cosmetology. BMH also
offers post-graduate courses for doctors, and degree and diploma
courses in nursing.

For 2008-09 (refers to financial year, April 1 to March 31), BMHL
reported a profit after tax (PAT) of INR49.2 million on net sales
of INR341.8 million, against a PAT of INR20.9 million on net sales
of INR326.2 million for the previous year.


BHARAT MOTORS: ICRA Assigns 'LBB+' Rating on INR188.4MM Loans
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR188.4 million bank
facilities comprising INR88.4 million term loan and INR100.00
million cash credit facilities of Bharat Motors Limited.
The outlook on the rating is stable.

The rating factors in the thin operating profit margins and high
working capital intensity of the operations of Bharat Motors
Limited, both inherent aspects of the automotive dealership
business.  The company's capital structure is adverse with a
gearing of 2.65 times (as on March 31, 2009) with most of the debt
related to working capital borrowings and term loans to fund its
expansion through new outlets. The rating also considers the track
record of the promoters in the automobile dealership business and
the established position of the company as an authorized dealer
for Hero Honda Motors Limited, Ashok Leyland Limited and General
Motors India in the assigned areas of Orissa.  Presence of
different dealerships catering to distinct customer segments
mitigates segment concentration risk to an extent.  ICRA notes
that BML has been on a one year probation period for stocking
HHML's spare parts, and a successful completion of the period is
likely to confirm the company's status as an authorized stockiest,
which augurs well for its turnover and profitability going
forward.

BML is a closely held company, promoted by the Orissa-based
Didwania family. BML began as a partnership firm and was converted
into a "Limited" company in 1996.  BML is an authorized dealer of
Hero Honda Motors Limited, Ashok Leyland Limited and General
Motors India.  During FY 2010, the company has also acquired the
dealership of Volkswagen India Private Limited BML is present in
various districts through its showrooms of different OEMs in
Orissa.  The other two companies of the same group are Shri Bharat
Motors Limited and Bharat Carriers Limited.  While Shri Bharat
Motors Limited is a dealer of Tata Motors Ltd for  passenger cars
and Bajaj Auto Ltd for three wheelers, Bharat Carriers Limited is
a transporter and has a fleet of owned 286 trucks, plying all over
the country.

During FY 2009, BML reported a net profit of INR2.61 million on
net sales of INR1.31 billion. During the first half of FY 2010,
the company posted a net profit of INR2.00 million on net sales of
INR758.60 million.


CHAMANLAL SETIA: CRISIL Reaffirms 'BB+' Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL's ratings on Chamanlal Setia Exports Ltd's bank facilities
continue to reflect CSE's weak financial risk profile marked by
high gearing and low net worth and large working capital
requirements.

   Facilities                         Ratings
   ---------                          -------
   INR750.00 Million Cash Credit^     BB+/Stable (Reaffirmed)
   INR40.00 Million Term Loan         BB+/Stable (Reaffirmed)
   INR40.0 Million Proposed LT        BB+/Stable (Reaffirmed)
            Bank Loan Facility

   ^Fungible with Packing credit.

The ratings also factor in the company's small scale of
operations, exposure to regulatory risks in the agricultural
commodity industry, and vulnerability to volatility in raw
material prices.  These weaknesses are partially offset by the
benefits that CSE derives from its promoters' experience in the
agricultural commodity industry, and the healthy growth prospects
of the basmati rice industry.

Outlook: Stable

CRISIL believes that CSE will maintain its market position over
the medium term on the back of promoters' experience.  However,
there is unlikely to be any significant improvement in the
company's financial risk profile, given its large working capital
requirements.  The outlook may be revised to 'Positive' if there
is significant improvement in CSE's capital structure and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if the company's profitability declines, or if it
undertakes large debt-funded capital expenditure program,
adversely affecting its financial risk profile.

                       About Chamanlal Setia

Chamanlal Setia Exports Ltd was set up as a partnership firm in
1975 by Mr. Chamanlal Setia and his sons, Mr. Vijay Setia and Mr.
Rajeev Setia.  The firm was converted into a public limited
company in 1994, and was listed on the Bombay Stock Exchange in
1995. CSE is engaged in milling, processing, and selling of
basmati rice. CSE's paddy processing units in Amritsar (Punjab)
and Karnal (Haryana) have installed capacity of 2 tonnes per hour
(tph) and 8 tph, respectively.  The company also has a rice
grading and sorting facility in New Delhi.  CSE's Amritsar unit is
on lease from sister concern, Setia Rice Mills, while the Karnal
and New Delhi units are its own.

For 2008-09 (refers to financial year, April 1 to March 31), CSE
reported a profit after tax (PAT) of INR17.6 million on net sales
of INR1.5 billion, against a PAT of INR44.9 million on net sales
of INR1.2 billion for 2007-08.  For the nine months ended
December 31, 2009, CSE reported a PAT of INR39 million on net
sales of INR1.32 billion.


DIAGOLD DESIGNS: Fitch Cuts National Long-Term Rating to 'BB-'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Diagold Designs Limited's
National Long-term rating to 'BB-(ind)' from 'BB+(ind)', and
revised the Outlook to Stable from Negative.  The agency has also
affirmed the 'F4(ind)' rating on DDL's fund-based limits
aggregating INR200 million, and the non-fund based limits
aggregating INR50 million.

The downgrade primarily reflects the lower then expected recovery
in credit protection measures for the company.  The rating action
also factor in the current pressures faced by DDL in FY10, and the
weaker performance of the domestic gem and jewellery sector given
softer demand from the US and Europe, and to a lesser extent Asia.
In H1FY10, DDL reported a net loss of INR13.5 million due to low
margins and high forex losses.  Thin operating margins coupled
with high utilization of working capital limits and stretched
receivables also affected liquidity.

However, Fitch notes that DDL is trying to diversify its
geographical exposure and is also undertaking a conservative
hedging strategy.  Furthermore, market conditions are slowly
showing signs of recovery, and that the company's profitability is
expected to recover and its liquidity situation to ease.  Fitch
has therefore revised the Outlook to Stable in anticipation of
this recovery.

DDL's ratings factor in the support from its parent company,
Goldiam International Limited, which holds a 51% stake in DDL.
Goldiam provides support by routing export orders to DDL.  Given
that DDL's ratings factor in support from Goldiam, Fitch will
closely monitor developments across the industry, as well as
Goldiam and DDL's operating performances.  The ratings reflect the
availability of liquidity across the group and the higher value
addition undertaken by DDL, as well as the design-focused nature
of its jewellery business.

The ratings are constrained by the relatively small scale of
operations and the export-focused nature of DDL's business, which
increases volatility as reflected in margin variations over the
last four years.  The ratings are also constrained by the
volatility of commodity price movements and foreign exchange
risks.  The Short-term ratings are constrained by the high
utilization of credit lines and, in general, the working capital
intensive nature of business.

A ratings upgrade would occur if the agency notes an improvement
in demand and/or margins, and a demonstration of DDL being able to
handle forex rate volatility, as this would lead to a comfortable
liquidity position.  Fitch notes that any sign of weakening of
links with Goldiam could act as a negative ratings trigger for the
National Long-term rating, as would a lower-than-expected recovery
in the US market.  Further debt-led expansions materially
impacting key credit metrics would also be negative rating
triggers.

For nine months ended December 2009 (9MFY10), Goldiam reported
revenue of INR1,359 million (9MFY09: 1,879m), of which it recorded
an operating profit of INR42 million (operating loss of
INR27.8 million in 9MFY09) and interest cover of 1.3x.  On the
other hand, Diagold reported revenue of INR354.8 million (9MFY09:
INR475.2 million), operating profit of INR8.5 million (9MFY09:
operating loss of INR19.6 million), net loss of INR13.5m (9MFY09:
INR33.3 million) and interest cover of 0.41x for 9MFY10.  DDL's
liquidity is expected to be under pressure in the short to medium-
term until substantial recovery is demonstrated.


IDT CLOTHING: ICRA Rates INR15MM Long Term Loans at 'LBB+'
----------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR15 million long term
loans of IDT Clothing Private Limited. ICRA has also assigned A4+
rating to INR135 million fund based and INR7.5 million non-fund
based limits of IDTCPL.  The outlook on the long term rating is
stable.

The ratings take into account the company's small scale of
operations with low proportion of own production and high
dependence on job work leading to delays and increased costs.  The
rating is also constrained by vulnerability to demand fluctuations
in its target export market of Europe, fragmented nature of the
industry resulting in competitive pressures and increasing
leverage and reduced profitability in FY09.  However, the ratings
derive comfort from the capital expenditure incurred to reduce the
dependence on job work, diversified customer base of popular
brands, and the improvement in margins in first half of FY10.  The
stable outlook on the long term rating factors in these
developments.

IDTCPL started manufacturing readymade fashion garments in the
year 1993-94 and was incorporated as a private limited company in
September 2007.  The company manufactures casual wear for men,
women and children.  Initially it started with fashion garments
for men only. However, it has also diversified into women's wear
and children's wear since the past 6-7 years. Its manufacturing
facilities are located at Bhiwandi, Kalyan, and Lower Parel.  It
has a production capacity of about 30,000 pieces per month.
Majority of raw material i.e. cotton fabric is purchased from
South India.  Other fabrics like linen, lycra, blends of
polyesters and nylons are used. Some fabrics are imported from
China. The company specializes in washed, dyed, printed and
embroidered garments.

Recent Results

IDTCPL achieved an operating income and operating profit of
INR414.1 million and INR35.8 million respectively in 2008-09.


INDIA TV: CARE Assigns 'BB+' Rating on INR24cr LT Bank Facilities
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities aggregating INR24.00 cr of India TV Interactive Media
Pvt. Ltd.  This rating is applicable for facilities having tenure
of more than one year.  Facilities with 'Double B' rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk. CARE assigns
'+' or '-' signs to be shown after the assigned rating (wherever
necessary) to indicate the relative position within the band
covered by the rating symbol.

Rating Rationale

The rating is mainly constrained by project execution risk, small
scale of operations along with overall short track record of
Value-added Services (VAS) in group companies, high dependence on
revenue from lease rentals from group companies which is operating
in highly-dynamic and volatile media industry and increased
competition from other established players in VAS segment.
However the above weaknesses are partially offset by the
experience of promoters and achievement of financial closure of
the on-going project.

Going forward, timely commissioning of the project within the
estimated cost and subsequent scaling up of operations envisaged
after the transfer of VAS operations from the holding and
subsidiary companies would remain the key rating sensitivities.

Incorporated in August 2008, ITIM is a subsidiary company of
Independent Media Pvt. Ltd., which has been promoted by Mr. Rajat
Sharma and Ms. Ritu Dhawan.

ITIM is currently setting up a state-of-art studio/office facility
at Noida, UP for providing basic and VAS in the telecom industry
such as setting up subscriber network, mobile television, Internet
Protocol Television, Interactive Voice Response, Web TV, Video
Streaming and Web sites and other interactive multimedia products,
E-Commerce applications and services etc. Majority of the
facilities being built is proposed to be leased to INSPL and its
group companies.

The estimated project cost is INR40 cr, to be funded through a
debt-equity mix of 1.50:1.  The financial closure for the project
has already been achieved.  The commercial operations of the
facilities are expected to commence by July 2010.  Until Nov. 30,
2009, ITIM has incurred an expenditure of INR12.5 cr, funded
partly through term loan of INR5.2 cr and balance from the
promoters' contribution.


JINDAL TEXOFAB: ICRA Assigns 'LBB' Rating on INR127.5MM Loans
-------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR127.5 million fund based
limits of Jindal Texofab Limited. The rating carries stable
outlook. ICRA has also assigned A4 rating to the INR5 million Non-
Fund Based Limits of JTL.

The ratings reflect the high business risk profile of JTL on
account of its moderate scale of operations and high dependence on
group companies; significant fluctuations in its operating income
depending on the supply arrangements with group companies; its
moderate profitability; and high gearing. The ratings are however
supported by experienced promoters, long track record of
operations and improving outlook for the textile sector.

Jindal Texofab Limited is a part of the Jindal group of companies
which are based in Ahmedabad and involved in the textiles
business.  JTL was promoted in 1991 by Mr. Yamunadutt Agarwal and
his family members.  Mr. Yamunadutt Agarwal is a first generation
entrepreneur who promoted the Jindal Group of companies in 1976.
The other companies in the group are Jindal Worldwide Limited,
Amitara Overseas Ltd. and Texcellence Overseas Ltd.  All these
companies are engaged in the business of manufacturing of textile
products mainly cotton made-ups and denim products.  JTL mainly
acts as the processing house for the group and largely does job-
work for group companies.  The company has the capacity to process
50 million meters of grey cloth per annum.


OM SHIV: Fitch Puts 'B' National Rating on Negative Watch
---------------------------------------------------------
Fitch Ratings has placed India-based Om Shiv Estates's National
Long-term rating of 'B(ind)' on Rating Watch Negative.  This
instrument has also been placed on RWN: 'B(ind)' rating of its
long term loan totalling INR183m.

The rating action reflects the increased uncertainty over the
timely repayment of debt by the company, due to a substantial
delay in project execution and the inability to tie up a
management contract on time.  The hotel project was due to
commence operation by end-June 2009 but cost escalation and
failure to associate hotel management led to a delay of over nine
months.  Om Shiv expects to tie up with a reputable Indian hotel
chain for management of its hotel project by end of March 2010.

The debt repayment is scheduled to start on March 31, 2010;
however, in the absence of any operational cash flow, repayment is
highly uncertain.  The sponsor of Om Shiv expects to execute a
management contract which will entail minimum business guarantee
by the contractors.  Om Shiv intends to realize the discounted
value of future receivables (based on the minimum guarantee
amount) and repay the debt outstanding.  Hence, the timely payment
of debt is hinged on the execution of management contract within
the month of March 2010.

Fitch expects to resolve the rating watch once details of the
final terms and conditions of the management contract are
obtained.  Fitch will also evaluate the impact of the management
contract on the cash flow of the project.  Fitch expects the RWN
to be resolved by the last week of March 2010.  The RWN indicates
that Om Shiv's ratings may be downgraded from their current
levels, should the MG is not executed and money is not realized
before the debt repayment.


PRIYADARSHINI SAHAKARI: CARE Assigns 'BB' Rating on INR50cr Loans
-----------------------------------------------------------------
CARE assigned a 'CARE BB' rating to the Long-term Bank Facilities
of Priyadarshini Sahakari Soot Girni Ltd aggregating INR50.00
crore.  This rating is applicable for facilities having a tenure
of more than one year. Facilities with this rating are considered
to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.  CARE
assigns '+' or '-' signs to be shown after the assigned rating
(wherever necessary) to indicate the relative position within the
band covered by the rating symbol.

Rating Rationale

The rating is constrained by the relatively weak financial profile
of PSSGL as indicated by high leverage, low net margins and long
working capital cycle, leading to tight liquidity position.
Further, commodity nature of the product and fragmented nature of
the industry act as constraining factors.

The ratings also take into cognizance the promoters' significant
experience in the industry, assured supply of raw cotton and
proximity to market (since majority is sold to local weavers).

The ability of the mill to achieve healthy profitability in the
external environment of rising cotton prices and aggressive
competition from other players are the key rating sensitivities.

Incorporated in 1991, PSSGL is engaged in manufacturing of cotton
yarn at its plant at Shirpur, Maharastra with a capacity of
1,39,056 spindles as on March 31, 2009.  The Mill had posted a PAT
of INR1.05 crore on a total income of INR336.07 crore in FY09.
The overall gearing has been at around 3.45x as at the end of FY09
while interest coverage was marginally above unity.


PUNJAB NATIONAL: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------------
Fitch Ratings has affirmed Punjab National Bank's Long-term
Foreign Currency Issuer Default Rating at 'BBB-', Short-term
Foreign Currency IDR at 'F3', National Long-term rating at
'AAA(ind)', Individual rating at 'C/D', Support rating at '2' and
Support rating floor at 'BBB-'.  At the same time, the agency has
also affirmed the ratings on PNB's INR10 billion subordinated
lower tier 2 debt at 'AAA(ind)' and INR150 billion certificates of
deposit at 'F1+(ind)'.  The Outlook on its Long-term IDR and
National Long-term Rating is Stable.

PNB's ratings reflect its dominant franchise in India, which helps
the bank maintain relatively strong financials among large Indian
government banks.  While PNB's asset quality may come under some
pressure in the financial year ended March 2011 (FY11), as its
restructured loans portfolio seasons, Fitch believes that the
asset quality deterioration will remain manageable given the
improved domestic economic outlook.

PNB's reported gross non-performing loans ratio has held up well
to date (gross NPL ratio: 1.8% at end-December 2009 (Q310)),
partly due to a change in regulatory norms, encouraging the
restructure of corporate loans (Q310: 6.2% of gross loans).
Restructured loans are classified as "standard" if the corporation
that took out the loan remains viable.  In its report entitled,
"Improved Outlook for Restructured Loans of Indian Banks in 2010"
dated 19 January 2010, Fitch noted that PNB's tolerance to absorb
higher credit costs under stressed conditions remains among the
best for Indian banks, and that while the bank's profitability
could be impacted under stressed conditions its equity would
remain unimpaired.

PNB's ROA remained healthy at 1.4% for the nine-months ended
December 2009; however, in FY11, PNB's profitability could be
impacted by rising credit costs.  Furthermore, Fitch expects cost
of deposits to rise in FY11 amidst the backdrop of rising interest
rates and the implementation of Reserve Bank of India's new
directive (applicable from 1 April 2010) on the method of
calculating interest payable on savings account deposits.
Consequently, the bank's ability to maintain net interest margins
(NIM) in FY11 (3.6% for nine-months ended December 2009) would
remain contingent on its ability to pass-on the increased interest
cost to borrowers.  That said, Fitch expects PNB's NIM to remain
among the best for Indian banks.

At end-December 2009, PNB's tier 1 and total capital adequacy
ratio remained healthy at 9.3% and 14.6%, respectively.
Management intends to maintain tier 1 ratio of above 7.5%.  PNB's
domestic liquidity position is satisfactory and is supported by
its stable customer deposit franchise.  Its international
operations are small (6.7% of total assets) and foreign-currency
refinancing requirements appear manageable.

PNB is third-largest bank by total assets in India.  While its
branch network of close to 4,900 branches and extension counters
is concentrated in North India, the bank is well represented in
other parts of the country as well.  Government of India owns
57.8% of the bank's equity.


SOHAM MANNAPITLU: ICRA Assigns 'LB+' Rating on INR544MM Loans
-------------------------------------------------------------
ICRA has assigned a rating of 'LB+' to the INR544 million long
term debt program of Soham Mannapitlu Power Private Limited.

ICRA's non investment grade rating of SMPPL factors in
hydrological risks, as SMPPL is not covered under deemed
generation clause in case of loss of generation due to shortage of
water.  Given that the revenues of the company are linked to
actual unit sales, this exposes the company to risks of variable
cashflows arising out of hydrological risks and also timely
payment from the current customer viz Karnataka Power Transmission
Corporation Limited.  Further, because of delays in project
commissioning, there were significant cost and time overruns and
this in turn led to delays in debt servicing FY2009 and FY2010
(till December 09).  The rating also factors in the relatively low
tariff levels (fixed at INR2.90/kwh under the old PPA with KPTCL,
without allowing for any indexation and escalation), which have
resulted in suboptimal returns given the high capital cost of the
project.  During December 2008, SMPPL entered into an agreement
with TATA Power Trading Company Limited for sale of power
generated by the project, at a fixed rate of INR4/kwh.  Upon
commissioning of the plant, KPTCL contested the new PPA.  However,
the company has filed an application with KERC asking to declare
the old PPA with KPTCL as void, which is under consideration.  The
rating, however draws comfort from the fact that the plant is
operational and there is a firm off take arrangement with Tata
Power Trading company (recent PPA signed in December, 2008), with
reasonable tariff levels of INR4.0/kwh.

The ratings also factor in limited demand risks due to significant
energy deficit in southern India and eligibility of the power
plant under Ministry of New and Renewable Energy (MNRE) for a
capital subsidy of INR86.3 million, which has been applied for
recently.  The project has also applied for registration with
United Nations Framework Convention on Climate Change (UNFCCC)
will provide the project with an ability to generate additional
revenue from generation and sale of carbon emission reduction
(CER's) certificates.  While assigning the rating, ICRA has also
factored in group risks arising out of being a part of a group
that has sizeable capital expenditure in relation to their limited
current experience.

Key Rating Drivers include:

   -- satisfactory hydrology and the ability of the company to
      meet the designed performance parameters;

   -- satisfactory resolution of the dispute with KPTCL on the
      issue of open access in sale of power; and

   -- timely repayment of its debt obligations.

                      About Soham Mannapitlu

Soham Mannapitlu Power Private Limited is an IPP promoted by the
Soham Group. The company operates a 15 MW run of the river hydel
power plant on River Puchamugaru, in the Dakshina Kannada District
of Karnataka.

Soham Group was promoted in 1961 and is currently headed by Mr.
Sadananda Shetty who is the former Chairman & Managing Director of
Vijaya Bank.  With the 22 MW MGHE TRS Scheme having been
commissioned by one of its Subsidiaries (Ambuthirtha Power (P)
Ltd.), followed by the 15 MW SHP another subsidiary (Mannapitlu
Power Private Limited) and 10 other projects on hand, the main
focus of the group is the Renewable Energy Space in India.  The
group has holds a 100% stake in SMPPL through its flagship
company, Soham Renewable Energy India Pvt. Ltd.


=================
I N D O N E S I A
=================


BANK MANDIRI: May Still Launch Rights Issue This Year
-----------------------------------------------------
Deputy State-Owned Enterprises Minister Muhammad Yasin said
Tuesday that PT Bank Negara Indonesia and PT Bank Mandiri still
have a chance to launch rights issues this year despite missing a
January 31 deadline to submit plans, Jakarta Globe reports.

"In the context of the process, we still have time, so it could
still be possible," he said.

Jakarta Globe relates BNI president director Gatot Suwondo said he
had convinced the State Enterprises Ministry, the Coordinating
Ministry for the Economy and the House of Representatives to
approve BNI's plan for a rights issue.

Gatot said BNI wants to launch a rights issue to lift its capital-
adequacy ratio, the report notes.

                         About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service lowered Bank
Mandiri's global local currency deposit ratings to Baa3 from Baa2.
The revised rating carries a stable outlook.  The foreign currency
long-term deposit rating was raised to Ba3 from B1.  The revised
rating carries a stable outlook.  All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit of
Not Prime and BFSR of 'D-'.

The TCR-AP reported on September 2, 2009, that Fitch Ratings
affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term rating at 'B', National Long-term rating at
'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support
Rating Floor at 'BB-'.


BANK NEGARA: May Still Launch Rights Issue This Year
----------------------------------------------------
Deputy State-Owned Enterprises Minister Muhammad Yasin said
Tuesday that PT Bank Negara Indonesia and PT Bank Mandiri still
have a chance to launch rights issues this year despite missing a
January 31 deadline to submit plans, Jakarta Globe reports.

"In the context of the process, we still have time, so it could
still be possible," he said.

Jakarta Globe relates BNI president director Gatot Suwondo said he
had convinced the State Enterprises Ministry, the Coordinating
Ministry for the Economy and the House of Representatives to
approve BNI's plan for a rights issue.

Gatot said BNI wants to launch a rights issue to lift its capital-
adequacy ratio, the report notes.

                         About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 8, 2009, Fitch Ratings upgraded PT Bank Negara Indonesia
Tbk's National Long-term rating to 'AA(idn)' from 'AA-(idn)', and
the Individual rating to 'C/D' from 'D'.   At the same time, the
agency affirmed the bank's Long-term foreign and local currency
Issuer Default Rating at 'BB', Short-term foreign currency IDR at
'B', Support '3' and Support Rating Floor at 'BB-'.  The Outlook
is Stable.


GARUDA INDONESIA: Expects to Earn IDR2 Tril. From Corporate Sales
-----------------------------------------------------------------
The Jakarta Post Garuda Indonesia said it expects to earn some
IDR2 trillion in corporate sales from some 750 corporate clients
this year.

According to the report, Garuda vice president corporate
communications Pujobroto said the airline has signed corporate
sales MoUs with some 600 companies representing a total revenue of
about IDR600 billion.

The increased in number of corporate partners and revenues are
made possible by Garuda receiving 24 new airplanes into its fleet
and adding 10 new domestic and international routes to its
schedules.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2009, Garuda Indonesia expects to raise as much as US$400
million from its much-awaited Initial Public Offering in June this
year.  The expected launch, however, is based on a positive
outlook of the market condition, vis-a-vis investor sentiment.

According to analysts, market response to the IPO will largely
depend on the company's ability to settle its US$670 million in
debts.  Garuda's total debts as of the end of last December
reached US$670 million -- US$450 million to the European Credit
Agency (ECA), US$100 million to Bank Mandiri, and the rest to
other creditors.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


=========
J A P A N
=========


FIDEA HOLDINGS: Requests For JPY10-Bln. Government Financial Aid
----------------------------------------------------------------
Sendai-based banking group Fidea Holdings Co. and regional lender
Miyazaki Taiyo Bank have applied for public cash infusions with
the Financial Services Agency, The Japan Times reports citing
industry sources.

The Times says the two financial institutions are believed to have
requested around JPY10 billion each.

According to the Times, the two lenders asked for government
assistance under a law designed to provide banks with enough funds
to ensure they keep lending to smaller firms.

The FSA is set to offer the requested funds to Fidea and Miyazaki
Taiyo Bank by the end of this month, the report notes.

Fidea Holdings Co. Ltd. (TYO:8713) is a Japan-based holding
company engaged in the operation and management of its
subsidiaries.  Through it subsidiaries, THE SHONAI BANK, LTD. and
The Hokuto Bank, Ltd, the Company is involved in the banking
business, credit card business, consulting business and research
business, among others.  In addition, the Company is also involved
in the maintenance, management and leasing of real estate
properties, the manpower dispatch business, the development of
software, among others.


JLOC XXX: Moody's Reviews Ratings on Various Certificates
---------------------------------------------------------
Moody's Investors Service has placed the ratings for the Class B
through D Trust Certificates issued by JLOC XXX and Class 1
through 2 Trust Certificates issued by JLOC XXX Satellite Trust on
review for possible downgrade.  The final maturity of the trust
certificates will take place in April 2014.

The individual rating actions are:

  -- Class B, Aa2 placed under review for possible downgrade;
     previously, Definitive Rating Assigned Aa2 on May 9, 2006

  -- Class C, A2 placed under review for possible downgrade;
     previously, Confirmed at A2 on July 1, 2009

  -- Class D, Baa2 placed under review for possible downgrade;
     previously, Confirmed at Baa2 on July 1, 2009

  -- Class 1 and 2, B1 placed under review for possible downgrade;
     previously, Downgraded to B1 from Ba2 on July 1, 2009

JLOC XXX Trust, effected in May 2006, represents the
securitization of 5 TMK bonds and the JLOC XXX Satellite Trust
Certificates.  The JLOC XXX Satellite Trust, effected in May 2006,
represents the securitization of one TMK bond.  Four of the TMK
bonds have been paid in full, and transactions are currently
secured by two TMK bonds.  One of two loans is a liquidating TMK
bond backed by office properties and another TMK is backed by
hotel properties.

Since the last rating action on July 1, 2009, some properties
backing liquidating TMK have been sold.  However, the prices of
the disposed properties -- since the last rating action -- were
lower than Moody's expected.  Additionally, Moody's received a
servicer report dated March 5, 2010, which reported that the Asset
Manager plans to dispose the backing properties at prices lower
than Moody's expected.

Moreover, Moody's received a quarterly performance history which
reported that the DSCR level of the hotel properties had declined
more than before.

This rating action reflects, in the light of the track record of
the dispositions since the last rating action on July 1 and the
Asset Manager's disposition plan and decline in the DSCR level of
the hotel properties, Moody's growing concern about the
disposition plan and the need to reconsider Moody's own expected
property value and Moody's disposition plan.

In its review, Moody's is planning to conduct an interview with
the asset manager on its disposition plans and management strategy
for the backing properties to decide whether to confirm or
downgrade the ratings of the Class B through Class D, Class 1 and
Class 2.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


MIYAZAKI TAIYO: Asks For JPY10-Bln. Government Financial Aid
------------------------------------------------------------
Sendai-based banking group Fidea Holdings Co. and regional lender
Miyazaki Taiyo Bank have applied for public cash infusions with
the Financial Services Agency, The Japan Times reports citing
industry sources.

The Times says the two financial institutions are believed to have
requested around JPY10 billion each.

According to the Times, the two lenders asked for government
assistance under a law designed to provide banks with enough funds
to ensure they keep lending to smaller firms.

The FSA is set to offer the requested funds to Fidea and Miyazaki
Taiyo Bank by the end of this month, the report notes.

Fidea Holdings Co. Ltd. (TYO:8713) is a Japan-based holding
company engaged in the operation and management of its
subsidiaries.  Through it subsidiaries, THE SHONAI BANK, LTD. and
The Hokuto Bank, Ltd, the Company is involved in the banking
business, credit card business, consulting business and research
business, among others.  In addition, the Company is also involved
in the maintenance, management and leasing of real estate
properties, the manpower dispatch business, the development of
software, among others.


* S&P Puts Ratings on 15 Tranches From Nine Japanese CDO Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
tranches relating to nine Japanese synthetic CDO transactions on
CreditWatch with positive implications.

The 15 tranches placed on CreditWatch positive had SROC (synthetic
rated overcollateralization) levels that had risen above 100% at
higher ratings than the current ratings during February's month-
end run.

For the transactions that S&P ran on version 5.0, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

The tranches listed below that have been placed on CreditWatch are
intended to be reviewed in accordance with the updated CDO
criteria by the end of this month.

                           Ratings List

                    Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

               To               From   Issue Amount
               --               ----   ------------
               BBB-/Watch Pos   BBB-   JPY3.0 bil.

                 Hummingbird Securitisation Ltd.
                          Series 1 loan

          Class     To             From   Issue Amount
          -----     --             ----   ------------
          #1 Loan   BB/Watch Pos   BB     JPY4.0 bil.

                    Momentum CDO (Europe) Ltd.
     Secured credit-linked notes Louvre II CDO series 2005-2

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AX      CCC-/Watch Pos   CCC-   JPY700.0 mil.
           BF      CCC-/Watch Pos   CCC-   JPY1.5 bil.
           BX      CCC-/Watch Pos   CCC-   JPY2.2 bil.

     Secured credit-linked loan Louvre CDO II series 2005-3

               To               From   Issue Amount
               --               ----   ------------
               CCC+/Watch Pos   CCC+   JPY3.0 bil.

          Prelude III floating rate notes series 2005-4

              To               From   Issue Amount
              --               ----   ------------
              CCC-/Watch Pos   CCC-   JPY3.0 bil.

                  Omega Capital Investments PLC
                   Floating rate note series 7

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           A       BBB-/Watch Pos   BBB-   JPY3.0 bil.
           B       BBB-/Watch Pos   BBB-   JPY2.0 bil.
           C1      BB-/Watch Pos    BB-    JPY1.0 bil.
           C2      BB-/Watch Pos    BB-    JPY2.0 bil.
           C3      BB-/Watch Pos    BB-    A$20.0 mil.

              Class A-1 series 11 secured 1.5% notes

              To               From   Issue Amount
              --               ----   ------------
              CCC+/Watch Pos   CCC+   JPY2.2 bil.

                       Signum Vanguard Ltd.
       Class A secured fixed rate credit-linked loan 2005-3

              To               From   Issue Amount
              --               ----   ------------
              BB-/Watch Pos    BB-    JPY4.0 bil.

     Secured floating rate credit-linked notes series 2006-03

              To               From   Issue Amount
              --               ----   ------------
              CCC-/Watch Pos   CCC-   $10.0 mil.


=========
K O R E A
=========


GENERAL MOTORS: GM Daewoo Eyes Profit in 2010
---------------------------------------------
Agence France Presse reports that GM Daewoo Auto & Technology Co.,
the South Korean unit of General Motors Co., said it intends to
return to profit this year with "double-digit" growth in sales.

GM Daewoo CEO Mike Arcamone said the company aims to export 1.6
million vehicles including kits this year and increase domestic
sales by 20% from last year, according to AFP.

AFP says GM Daewoo, hit by falling demand amid the global
downturn, suffered a net loss of KRW876 billion (US$773-million)
in 2008.  According to AFP, Mr. Arcamone said it was also in the
red last year.

AFP relates Mr. Arcamone also said GM Daewoo did not need any
financial support from creditors and its liquidity status was
"very solid".

In October 2009, AFP recalls, the company secured more than US$400
million in new funds through a rights offering but its U.S. parent
was the sole subscriber.

                        About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


HYNIX SEMICON: Credit Suisse, Nomura to Arrange Sale of Stake
-------------------------------------------------------------
Sangim Han at Bloomberg News reports that Hynix Semiconductor
Inc.'s creditors chose Credit Suisse Group AG and Nomura
Securities Co. to arrange a block sale of part of their stake in
the chipmaker.

Kim Sun Gyu, a spokesman at main creditor Korea Exchange Bank,
said Woori Investment & Securities Co., NH Investment & Securities
Co., Shinhan Investment Corp. and Daewoo Securities Co. will also
arrange the sale, Bloomberg relates.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


KUMHO ASIANA: Kumho Tire Workers Vote For Strike Over Layoffs
-------------------------------------------------------------
Unionized workers at Kumho Tire Co., a unit of ailing Kumho Asiana
Group, said Wednesday they have voted overwhelmingly to go on
strike if talks with management break down, Yonhap News reports.

According to Yonhap, more than 72% of the union's members at Kumho
Tire supported a walkout if negotiations between the labor and
management fail to reach an agreement by next Tuesday.

The Korea Times reported on Monday that Kumho Tire faces the
prospect of a general strike by its workers after announcing plans
for massive layoffs under a restructuring plan.

The company's labor union said Thursday the action will be
launched on March 16 at the earliest unless the ongoing
negotiations make notable progress, the Times said.

The Times recalled that Kumho Tires management had announced the
names of 1,199 workers at its factories in Gwangju, who are
supposed to be laid off on April 2.  But the management said that
1,006 out of the 1,199 affected workers will be rehired by
subcontractors.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


KUMHO ASIANA: Daewoo Investors Agree on Debt Restructuring Plan
---------------------------------------------------------------
Investors in Kumho Asiana Group's Daewoo Engineering &
Construction Co. unit have agreed to terms with the group's
creditors that will enable a debt restructuring to go ahead,
Bloomberg News reports.

Kumho's main creditor Korea Development Bank said in an e-mailed
statement that all 18 Daewoo investors approved proposals put
forward by KDB, according to Bloomberg.

Bloomberg, citing a KDB banker with direct knowledge of the
matter, says that the investors agreed to sell their Daewoo shares
at KRW18,000 (US$16) apiece to a private equity fund led by KDB or
to invest their shares in the fund.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


SSANGYONG MOTOR: Asks KRW100-Bln in Loans from KDB
--------------------------------------------------
Bloomberg News, citing a report from MoneyToday, says Ssangyong
Motor Co. asked Korea Development Bank to provide KRW100 billion
(US$88 million) in fresh loans.

The Korean-language news provider said the automaker visited the
creditor bank's headquarters in Seoul on Wednesday with
representatives from its labor union and subcontractors to discuss
the request, Bloomberg relates.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.  Yonhap News said Ssangyong
vowed to get itself in order over the next three years.


===============
M A L A Y S I A
===============


FOUNTAIN VIEW: Incurs MYR257.49 Mil. Net Loss in Qtr Ended Dec. 31
------------------------------------------------------------------
Fountain View Development Berhad reported a net loss of MYR257.49
million for the quarter ended December 31, 2009, compared to a net
loss of MYR19.18 million on for the same period in 2008.

As of December 31, 2009, the Company's balance sheet showed
MYR628.91 million in total assets and MYR331.16 million in total
liabilities, resulting in a stockholders' deficit of MYR297.75
million.

The Company's consolidated balance sheet at December 31, 2009,
showed strained liquidity with MYR240.14 million in total current
assets available to pay MYR291.16 million in total current
liabilities.

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination. The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.

Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.


====================
N E W  Z E A L A N D
====================


PLUS SMS: Fined NZ$50,000 for Breaching NZAX Listing Rules
----------------------------------------------------------
The National Business Review reports that Plus SMS Holdings Ltd.
has been fined NZ$50,000 for breaching NZAX listing rules and
faces further investigation for allegedly passing information to
some shareholders without informing the entire market.

According to the report, the NZ Markets Disciplinary Tribunal
found Plus SMS acted in breach of two rules when it failed to file
its preliminary results by June 14, 2009.

The company is still in breach and remains suspended from the
stock market, NBR says.

Plus SMS has also been ordered to pay costs and expenses of both
the tribunal and the NZX, the report notes.

NBR relates that Plus SMS has been given 20 business days to file
its accounts or face having its listing cancelled.

                      About Plus SMS Holdings

Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services.  Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.

                           *     *     *

The company incurred three consecutive net losses of
NZ$6.96 million, NZ$11.89 million, and NZ$4.49 million for the
financial years ended March 31, 2008, 2007 and 2006, respectively.


=====================
P H I L I P P I N E S
=====================


LEGACY GROUP: PDIC Denies PHP204-Mil. Claims From Depositors
------------------------------------------------------------
Manila Standard Today reports that Jose Nograles, president of the
Philippine Deposit Insurance Corp., said the state-owned bank
insurer has denied 4,175 claims amounting to PHP204 million from
depositors of the Legacy banks as of end-January this year.

"Of the total denied claims, about 3,500 claims or 83% amounting
to PHP125 million were accounts not found in bank records," the
Standard quoted Mr. Nograles as saying.

Mr. Nograles cited the need for the public to transact only with
legitimate personnel inside bank premises to help prevent a repeat
of the predicament faced by some depositors of the 12 Legacy-
affiliated banks that were closed in December 2008.

The report relates Mr. Nograles said that if a transaction was
made outside bank premises, the depositor had no way of
ascertaining if the funds actually flowed into the bank and if the
transaction was booked in its records.

                         About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns.  To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.

Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.

In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to
insolvency.


=================
S I N G A P O R E
=================


ACS INNOVATIONS: Creditors' Proofs of Debt Due March 22
-------------------------------------------------------
Creditors of ACS Innovations International Pte Ltd, which is
in liquidation, are required to file their proofs of debt by
March 22, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Bob Yap Cheng Ghee
         c/o KPMG LLP
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


ALLANDES CORPORATION: Creditors Get 40% Recovery on Claims
----------------------------------------------------------
Allandes Corporation Pte Ltd, which is in liquidation, will
declare the first and final dividend on March 15, 2010.

The company will pay 40% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


BKB ENGINEERING: Creditors Get 8.31% Recovery on Claims
-------------------------------------------------------
B.K.B. Engineering Constructions Pte Ltd, which is in compulsory
liquidation, declared the first and final dividend on March 10,
2010.

The company paid 8.31% to the received claims.


ORIENT TELECOMMUNICATIONS: First Meeting Set for March 15
---------------------------------------------------------
Orient Telecommunications Networks Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on March 15,
2010, at 10:00 a.m., at the 6 Shenton Way, #32-00 DBS Building
Tower Two, Singapore 068809.

Agenda of the meeting includes:

   a. to receive a status update from the liquidator;

   b. to appoint a solicitor to assist the liquidator in his
      duties; and

   c. to consider any other matters which may properly be brought
      before the meeting.

The company's liquidator is Tam Chee Chong.


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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